What are blockchain fees?

Answer: A small amount that must be paid to process a blockchain transaction.

If you have created a LiteBit account, you can store cryptos for free in the LiteBit wallet. A blockchain fee must always be paid for sending crypto. The amount of this fee varies by blockchain and is used to maintain the network.

The busier a network, the higher these fees. The Ethereum network for example is very expensive at the moment. LiteBit tries to keep the costs fair and balanced, but a fee that is too low can result in a withdrawal that takes a very long time or never arrives. LiteBit uses a fixed fee independent of the transaction size. This means that it is relatively cheaper to send crypto in bigger amounts. You can always check the fee amount before confirming a crypto withdrawal on both the app and the website.